ROCKFORD, Ill. (WTVO) — The merger between Canadian Pacific and Kansas City Southern Railways is moving forward.

Federal regulators announced their approval of the $31 billion deal Wednesday morning. They said that this will include a seven-year oversight period.

There are also conditions designed to reduce environmental impacts, preserve competition, protect railroad workers and promote efficient passenger rail.

The new freight company will create the only railroad linking Canada, Mexico and the United States.

A number of Chicago suburbs have voiced concern over the merger, arguing that it will increase traffic and raise safety concerns for communities along those train lines.